OPINION: California’s New Taxes Are Paying for Pensions

Dave Crane of Bloomberg reports just four months after the passage of Proposition 30 who’s title began with "Temporary Taxes to Fund Education" the state’s Legislative Analyst’s Office has announced that the California State Teachers’ Retirement System requires an extra $4.5 billion a year for 30 years to cover its unfunded liability and that the money will have to come from the school districts and the state.

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